Daily P&C Insurance News

Insurers are bracing for another devastating wildfire season in California with early projections estimating total losses could surpass $15 billion.
Carriers are implementing new risk mitigation strategies including advanced satellite monitoring and community hardening incentives to combat escalating claims costs.

The California Department of Insurance has approved rate increases averaging 18% for eight major auto insurers citing persistent repair cost inflation and claims frequency.
Consumer advocates warn the hikes will disproportionately impact lower-income drivers while insurers argue they’re necessary for solvency amid rising litigation costs.

State Farm has filed for its largest homeowners rate increase in California history citing unsustainable losses from wildfires and a shrinking policy portfolio.
The request comes as the carrier continues non-renewing thousands of policies in high-risk areas, accelerating the state’s insurance availability crisis.

Lemonade has expanded into California commercial P&C with an AI underwriting platform that promises instant quotes for small businesses in under 90 seconds.
The insurtech claims the platform reduces manual underwriting by 85% while improving risk selection through real-time data integration from 200+ sources.

Reinsurers are quoting 35% rate increases for California property business at the upcoming renewals due to wildfire loss creep and climate risk uncertainty.
Several regional carriers report challenges securing adequate catastrophe coverage, potentially forcing further market exits and capacity restrictions.